NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'AA' ratings assigned to the outstanding auction rate preferred shares of the four Gabelli equity closed-end funds listed below. All funds are managed by Gabelli Funds, LLC as investment adviser. Gabelli Equity Trust Inc. (NYSE: GAB) --$72,000,000 of Auction Rate Preferred Stock (ARPS), Series C; --$28,000,000 of ARPS, Series E. Gabelli Multimedia Trust Inc. (NYSE: GGT) --$15,000,000 of ARPS, Series C. Gabelli Utility Trust (NYSE: GUT) -